Gold Market Volatility:Gold Prices Extend Significant Drop
Yesterday, the gold market experienced significant volatility, with prices falling below $2,400 and continuing to decline below $2,300 during Tuesday's Asian trading session. This decline was triggered by escalating tensions between Israel and Iran. Market participants are betting that the ECB will cut interest rates in June, with three rate cuts expected throughout the year.
Technically, gold prices show signs of correction towards the Simple Moving Average SMA 20 around the 0.5-0.618 Fibonacci level. However, gold prices are currently supported by downward trend technical indicators, with prices trading below the SMA and the Relative Strength Index (RSI) in oversold territory, indicating strong downward momentum.
Technically, gold prices show signs of correction towards the Simple Moving Average SMA 20 around the 0.5-0.618 Fibonacci level. However, gold prices are currently supported by downward trend technical indicators, with prices trading below the SMA and the Relative Strength Index (RSI) in oversold territory, indicating strong downward momentum.
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